Creating a Liquid Bubble Effect
It looks like the model is made using technique similar to metaballs in blender. To Create metaballs, in object mode Add > Metaball > Ball, and Add > Metaball > Plane for the surface
That kind of material can be achieved usin position from Geometry node, adding Separate XYZ, plugging z output to Math node set to "modulo" with unconnected socket at 1, and then plugging the output to color ramp. The color can then be plugged into whatever kind of shader you want to use (diffuse, glossy, emissive etc.)
In this i added the multiply node; by changing the value of it you can alter the band width. In color ramp, it is important to notice the interpolation set to constant.
If you create the metaballs used to make the scene in Object mode (not edit mode) they can be animated as any normal object (position/rotation/scale)



Here i animated two metaballs on a metaplane only in z position and two keyframes each.